Income Tax : The issue relates to restrictions on adjusting losses against specific incomes. The rules clearly prohibit set-off against gamblin...
Income Tax : The issue concerns treatment of carried-forward losses when post-merger conditions are breached. The law provides that such benefi...
Income Tax : Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on complianc...
Income Tax : Learn the rules for set off and carry forward of income tax losses in India. Covers intra-head and inter-head adjustments, restric...
Income Tax : An overview of India's tax provisions for set-off and carry forward of losses, covering key sections, conditions, and anti-abuse r...
Income Tax : Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in incom...
Income Tax : The Tribunal held that once the return is accepted as valid under Section 139(1), denial of carry forward loss on belated filing g...
Income Tax : The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order ...
Income Tax : The court ruled that invoking an inapplicable statutory provision vitiates revision. Proper identification of the governing sectio...
Income Tax : The ITAT Delhi heard an appeal from Kamal Kant, whose set-off of non-speculative business losses from Futures & Options (F&O) agai...
Income Tax : The ITAT in Kolkata ruled that tax claims cannot be denied on technicalities when documentation is on record. The case of Ambika M...
Set off of loss in search cases – Amendment in the provisions of section 79A of the Income Tax Act, 1961 Chapter VI of the Act deals with aggregation of income and set off or carry forward of loss. In Sections 70-80 of the Act there are specific provisions relating to set off or carry […]
Understanding the concept of set off and carry forward of loss under the Income Tax Act, 1961. Learn how to adjust losses against profits and maximize tax benefits.
Meaning of set off of Losses under Income Tax Act, 1961: Set off means setting of losses against profits of same head of income or may be different during the year. Meaning of carry forward of losses under Income Tax Act, 1961: Carry forward of losses means carrying the losses amount to be be set […]
There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. SET OFF OF LOSSES: Set off of losses means making adjust […]
Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. Intra-head Set Off Inter-head Set Off […]
Income declared in survey is to be taxed and it has to fall under one of the heads of income, i.e., business income and, therefore, is available for set-off against the business loss.
Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such. With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their […]
The issue under consideration is whether tax is applicable on securities premium merely because it used to set off losses? AO does not have the jurisdiction to go beyond the net profit shown in the Profit & Loss Account except to the extent provided in the Explanation to section 115J.
The Income-Tax Act, 1961, allows set-off and carry-forward of the loss incurred by any assessee subject to some restrictions Apart from other information, the new income-tax forms, ITR-1 to ITR-8, notified by the Central government seeks details on set-off of losses. Now almost every assessee has to give this information. Therefore, one has to be aware of the exact provisions relating to set-off. Otherwise there is every possibility of claiming incorrect set-off.
Orra Fine Jewellery Pvt. Ltd. Vs DCIT (ITAT Mumbai) The substantial issue for consideration now before us for the A.Y. 2012-13 is whether the provisions of section 79 of the Act can be invoked and examined in the assessment year in which the assessee claimed for carry forward of losses or in the assessment year […]
